Saskatoon commercial real estate Archives - The Saskatchewan Edge

Market

A solution to YXE downtown office vacancy

As reported in our first quarter Saskatoon office survey, we currently have over 400,000 SF or 16.7 per cent vacancy in our Saskatoon downtown competitive office market.

Those numbers do include the vacancy within River Landing’s 185,000 SF East Tower which is nearing completion.

The numbers do not however reflect 40 per cent of the space yet to be leased within the 300,000 SF Nutrien Tower which has just recently started construction.

Once that additional vacancy is accounted for, we will be reporting core area vacancy in excess of 20 per cent.

Saskatoon’s office market is in transition.

The demand for new Class “A” inventory is coming from users already present.

There are not enough new tenants entering the market and the “flight to quality” is projected to continue.

Let’s talk solution.

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Market

Disruption to retail, not death

It’s easy to see the bad news stories about brick and mortar stores shuttering from the overwhelming move of consumers to e-commerce.

But I don’t think retail will ever die completely.

Rather, there is a disruption to the way we’ve known it to be and commercial real estate landlords will have to navigate their way through this new landscape.

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Market

Long term stability for Saskatoon & Regina’s CRE retail sector

While both the industrial and office sectors have displayed somewhat volatile vacancy rates over the past five years, the retail sector has consistently performed well.

Aside from Regina straying slightly over 4 per cent in 2017, both cities have otherwise achieved a number below 4 per cent since 2013.

Let’s take a closer look at each city.

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Can we put a price on landmarks?

Our Lady of Paris, the literal translation for Notre-Dame de Paris, has received an outpouring of public sympathy following a devastating fire last week.

Having seen Notre-Dame in person I can tell you it’s something to marvel.

The full cost of the fire is still being tallied but I’m not sure you can put a price on something that is nearly irreplaceable.

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Sales and Leases

When not to buy commercial real estate

There are times when it is not wise to invest in commercial real estate.

Alternatively, many potential investors don’t take the plunge out of fear of the unknown and years later regret it.

Let’s look at some examples of when you’d be advised not to purchase.

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New Saskatoon arena given priority

The original Saskatoon downtown arena, nicknamed The Barn, opened in October 30, 1937 on a site overlooking the river. The building began to show its age in the 1970s but the last hockey game took place February 2, 1988 (a week before SaskPlace opened). Clinkskill Manor, a low income seniors highrise now sits on the former arena site.

In a city projecting another deficit year, it might seem strange that Mayor Charlie Clark has decided to lay down a mandate for a new downtown rink.

But Clark has recently declared that a site for the new arena will need to be chosen before the end of 2019.

What’s the big rush?

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Market

Positive yet mixed signals in Saskatchewan industrial

There are three significant numbers I’m looking at to determine the sentiment of the industrial real estate market.

One of those numbers is positive, and two illustrate we have yet a way to go before we’ve fully recovered.

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Budgeting for success in Saskatchewan

Last week, Saskatchewan’s Minister of Finance Donna Harpauer released her second budget, which projects a $34.4-million surplus for 2019.

Thinking selfishly, I wondered: how does this budget impact commercial real estate sale investment in our province?

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High density spot zoning creates hardship

I purchased my second single family home in 1979. It was located at the end of a quiet cul-de-sac in a good neighborhood.

The downside was it backed onto a retail strip mall. That wasn’t a concern for me however because everything within that retail corridor was one storey.

Within a year of owning the home, it was announced that a five-storey office building would be constructed overlooking my rear yard.

I immediately sold the property.

Even though the project was public knowledge, I believed it would be easier to sell before it could be seen that the windows in that towering structure would have a full view of my yard.

From that early, first hand experience I can relate to homeowners that are suddenly faced with a project that significantly impacts the value of their home.

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Wasn’t there a Chili’s here yesterday?

The Regina Leader-Post published an article in 2008 with Stu Rathwell, a franchise partner in the new Regina’s Chili’s Grill and & Bar.

Stu shared that his Saskatoon location would be open by that year’s end.

His optimism about the Chili’s brand was hopeful; if things took off as he was hoping, he predicted people could expect to see several more open across the province.

Fast forward to 2019.

If you happened upon Saskatoon’s Preston Crossing the last week of February, you may have caught sight of Stu’s dream deflating right before your eyes.

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Another retail bricks & mortar obituary

Entrepreneurs Louis and Shaol Pozez could not anticipate 63 years ago that the demise of their discount shoe business would be taken down by a network of computers

This isn’t a story from the rejected piles of Terminator franchise spinoffs; this is a reality.

The Pozez’ conception that grew into Payless ShoeSource brick and mortar stores across the U.S. and Canada are officially shuttering.

Their disregard for advancing online sales, in addition to highly leveraged assets, proved fatal.

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Sales and Leases

Saskatchewan commercial property taxes below average

I thought twice about writing this post!

Does it risk raising the question with the city administrators: are our Saskatoon and Regina commercial property taxes too low?

Or… does it showcase just one more of the many benefits of setting up shop in one of our two major Saskatchewan cities?

In an earlier post I referenced the 2018 Canadian Property Tax Rate Benchmark Report released by Altus Group, and supporting partner REALPAC with a focus on the commercial to residential tax ratio.

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Sales and Leases

What if the shoe doesn’t fit?

The rules are the rules, whether we like them or not.

Nowhere is this truer than as it applies to municipal zoning.

I find clients can easily get discouraged in property searches when they discover where their business is, and is not welcome, as determined by the local zoning bylaw.

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Real Estate industry

Differences between regional and national commercial real estate broker

If you’d have asked me a few years ago about the long-term fate of the independent commercial real estate broker, I would have honestly expressed some uncertainty (you may be thinking, “but Barry, you are an independent commercial real estate broker… that means you would have been questioning your own survival!).

Most of that uncertainty arose from questioning the independent broker’s ability to keep pace with potential investment required in metadata.

Let’s look at the current differences between a national and an independent regional commercial real estate broker.

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Market

Was I on the Mark in my 2018 Industrial Vacancy Forecast?

I promised you that I’d hold myself accountable in this Jan 2018 post and report back to you.

So, how did I do? At that time, I predicted a decline in the overall Saskatoon Industrial vacancy rate from 7.7 per cent to 6.2 per cent.

That was after a significant 2 per cent decline in the previous 12-month period.

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Market

Retail is king for 2018

There were substantial changes to the commercial real estate landscape in Saskatoon as we close out 2018.

I think it’s is a story of renewal and growth, would you agree?

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If it’s not -30C to -40C for a week or more, things just aren’t right in my world!

I am often accused of twisted thinking when I voice this inner paradigm and am therefore going to use this space to convert you to this liberated view of our Saskatchewan winters.

Awakening early to an announcement on my radio alarm that the temperature is forecast to stay below 30C for the next week is for me, the equivalent of consuming my favorite comfort food.

As an aside comment, I seldom step away from posting business content. This however happens to be the fifth anniversary of the launch of our blog and therefore feel justified straying from the norm.

Looking back on those first posts, it seems like only a couple of years since they were written.

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The Twelve Days of a CRE Christmas

On the first day of Christmas my broker sent to me
A qualified tenant for occupancy

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Sales and Leases

Navigating your Commercial Mortgage Renewal

You’ve just received a letter with the renewal options your financial institution is offering on your commercial mortgage.

How can you assess the competitiveness of the offer before you? The letter arrives at a time when you’re extremely busy.

Is it worth your time to research and explore other options?

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Sales and Leases

Real estate as a business investment

All commercial real estate deals have a factor of uniqueness that sets them apart from other investments.

That said, there can be times when commercial real estate is not only a real estate investment but also a business sale.

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Use your own discretion

Whether you’re buying or leasing commercial real estate, a municipality’s zoning bylaw tells you where you can locate your business.

The City of Saskatoon bylaw lists permitted uses and prohibited uses, which are pretty straight forward by definition.

A discretionary use, however, is identified as a use that the City may allow but will require a more thorough investigation before it approves and permits.

The Saskatoon Tribal Council (STC) is quickly finding out that a discretionary use in the City of Saskatoon is far from a slam dunk, though.

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Real Estate industry

10 questions to ask yourself before considering a career in commercial real estate

You may be in your last year of university and considering your career options or, have just come to the realization that your current professional path is not going to be your lifework.

The idea of a career in commercial real estate sales is appealing. What’s your next step?

Talk to a few different Brokers. There can be significant differences between commercial real estate companies.

It’s beneficial to gain the perspective of more than one Broker to determine if the career is right for you.

If you decide to move forward, you’ll have a good sense of which company you would prefer to work for and the process they go through to decide who and when they hire.

Here are some questions to raise during the interview process.

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Does Saskatoon want or need Farmers’ Market six days a week?

The City of Saskatoon has officially put out a tender to lease the Farmers’ Market building in Riversdale.

At current, the facility is leased to and operated by the Saskatoon Farmers’ Market Co-operative Ltd.

In their original agreement to lease the property, they outlined their plans to expand the market hours over time.

That vision has only grown to three advertised full market days. The City is ready to let someone else take a run at it.

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Saskatchewan cities enjoy lowest commercial to residential tax ratio

There is lots of chatter on the street with the recently released preliminary budget from the City of Saskatoon which proposes a 4.5 per cent property tax hike in 2019.

That chatter is incomplete without stepping back and looking at a couple of key issues.

Those two issues are residential and commercial tax ratios and the ongoing cost of city infrastructure growth.

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More visits than residents, Remai Modern enjoys successful freshman year

Say what you like about it but over 450,000 people fed their curiosity and took in Saskatoon’s new public art gallery this past year.

That’s more people than encompasses the proper City of Saskatoon population.

More astonishing is that the Remai Modern was only projecting around 190,000 visits during their inaugural year.

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Market

Saskatoon industrial vacancy drops

Our quarterly market reports have just been released and we’re pleased to report that the overall industrial vacancy rate is heading in the right direction!

The increase in absorption over the last quarter has resulted in just over a 50-basis point decrease in vacancy from 7.5 per cent to 6.9 per cent.

We have, however, seen the average asking net rental rate decrease from $10.61 PSF to $10.20 PSF.

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Market

What is the Relationship Between Cap Rates & Interest Rates?

Earlier this week, I forwarded a client some historical data on Saskatoon commercial real estate capitalization rates. He came back to me with the comment, “Would be interesting how it (cap rate information) trends with interest rates.”

Sophisticated investors absorb data to make informed investment decisions. I asked our Market Analyst to gather the information. Here’s my observations because of that research.

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Sales and Leases

What’s ideal amount to invest in Commercial Real Estate?

For the purpose of this conversation, let’s assume you are sitting on cash or liquid asset(s) and have decided to invest a portion of your available capital into commercial real estate.

What factors need to be considered to make a prudent investment decision?

I wrote about the advantages of partnerships, but let’s say the idea of a partnership does not interest you.

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Convenience store shuffles

Have you noticed any changes in the convenience store staples in Saskatoon?

There are a few subtle changes happening worth mentioning.

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ABC's of Leasing

1,000 lease changes later

Receiving that first response from a Tenant we’ve not encountered before, after waiting for their review of a lease, it is always interesting.

We represent both Tenants and Landlords; this article has been written from the perspective that I am representing the Landlord.

At times the Tenant is prepared to execute the document “as is” and at times they will request hundreds or more of changes. We have seen request that number exceed 1,000 changes.

We know all commercial real estate leases are written with a bias towards the Landlord, but what are the main reasons that Tenants object to the document?

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Market

Prime retail space elusive in Saskatoon

One of my biggest challenges is being unable to find the right fit for tenants. In a commercial landscape that remains under-serviced for retail it’s not exactly my fault.

We did see some new construction of retail in 2018, so it’s probably time to revaluate where the inventory levels sit versus vacancy, midway to the end of the third quarter of 2018.

Looking at the numbers by area, who do you ask: landlords or tenants?

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Sales and Leases

Communication Technology: Still Incapable of Replacing In-Person Meeting

Today’s communication tools include email, voicemail, social media, text and electronic messaging services, video and audio conference calls and more recently, telepresence robots.

All of these can be useful, however there are times when they just cannot replace a “belly to belly” meeting.

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Sales and Leases

Sometimes you’ve got spend a little to make a little (or a lot more)

In commercial real estate there can often be a variety of uses for a building depending on the zoning it sits on.

When a tenant vacates a space it can be difficult to anticipate who might backfill them based on the uses the property is best suited for.

So how do landlords decide if they should and shouldn’t spend money on a vacancy in order to get it leased up?

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Market

Saskatoon industrial market in recovery mode

These are rare times when what appears to be a negative economic indicator is actually a necessary painful step in the road to recovery.

Times when a story can be framed negatively or positively when viewed through the lens of reality.

Here’s the thing, the latest Marquis Industrial Building Permit Map issued by the City of Saskatoon on July 3, 2018 states there have been no industrial building permits issued in 2018 (within the Marquis Industrial area).

On the surface, that’s a hard pill to swallow!

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ABC's of Leasing

Hard tenant truths

As a commercial real estate agent my job is to line up tenants with landlords, and sellers with buyers.

Unlike a sale, where both sides part ways at the end of transaction, I think leasing is a lot about building a relationship.

However, much like in our personal lives, we all know some relationships are just not meant to be.

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Sales and Leases

Time kills deals

There is nothing worse than putting a transaction together that gets mired in a lengthy conditional period with no end in sight.

Whether it’s a court ordered sale or a deal that continually seems to get extended, time kills deals that take too long. Continue Reading →

Company

Why we do what we do at ICR

It certainly doesn’t seem like it’s been 3 ½ years since our current ownership group purchased the company. A great deal has happened. The growth and success we’ve experienced over that period of time is because of the great people we work with.

When we began this process we spent a lot of time thinking about: Why we do what we do?

The purpose of this story is to answer that question.

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Fair is fair in the cannabis lotto

It seems like unlikely odds, Saskatchewan Liquor and Gaming Authority announced that all businesses awarded a cannabis retail permit were selected at random.

A University of Regina statistics professor told the Leader-Post that he’s calculated the odds of one company winning permits in four locations is a one in 1,319,760 chance.

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Real Estate industry

Why you need to engage a Broker to lease your space

From time to time we will receive a floor call from an individual asking one question: how do we charge brokerage fees to lease space.

I explain that our typical fee would be calculated based on five percent of the total net rental amount over first five years of the lease term and, if applicable, three percent on the balance (plus taxes).

In many cases the conversation ends there.

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ABC's of Leasing

3 ways to tick off your landlord

During my ten years in the commercial real estate industry, I’ve seen it all and very little surprises me anymore.

Every now and then however I get a new doozy worth sharing!

I’ve compiled a list of new and interesting ways that tenants have chosen to compromise their relationship with their landlord.

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Still passionate after 40 years, just getting started!

I was 20 years old when I made my first serious attempt at selling myself.

I had come to the realization after a period of overseas travel that we were incredibly fortunate to live in Canada.

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H&M swings open their doors to Saskatchewan

Photo: Courtesy Leader-Post

Over a year ago, it was announced the Regina’s downtown Cornwall Centre was getting an H&M store.

The store opened this past weekend to a lineup of folks hoping to cash in on door crasher coupons between $10 and $300.

So why did it take so long to finally open the doors?

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Real Estate industry

A need for Real Estate regulation changes

We found ourselves in the middle of a difficult situation this week.

Unfortunately, we have encountered problems similar to this in the past.

My Business Manager received a call from an individual who is purchasing a multi-tenant commercial property. We are the Listing Broker and this Buyer is represented by an Agent from another brokerage firm.

The Buyer was very frustrated with their Agent and wanted to know how they could proceed without him.

So what’s this ongoing problem I’m referring to?

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Is Saskatchewan ready for legalized pot?

We have been receiving a wave of phone calls from potential tenants looking to cash in on the upcoming legalized marijuana trade.

They are fervently shopping for locations which I feel like may be premature.

Is the province really prepared for this? I’m not sure any part of Canada is.

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Real Estate industry

Sales: A noble profession

A profitable business enterprise relies upon the successful sale of a product and/or service. How that transaction takes place is changing in many corporations. There are instances where it’s becoming increasingly easier to complete the necessary research, shop for the most favorable price and terms, and make the purchase on-line.

There will however always be a place in complex transactions for a professional salesperson.

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Does PST matter to local restaurants?

The Saskatchewan provincial government expanded PST in the 2017 budget to include restaurant meals.

Has it made any impact on spending habits? Statistics so far indicate perhaps.

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Market

Solid retail market in Saskatoon

Our latest retail report has just been released which reveals that despite a small increase in available space in 2017, we now show three consecutive quarters of stable vacancy.

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City of Saskatoon acquires STC land and buildings

It was made public last week that the City of Saskatoon has purchased one of the last properties of the now mothballed Saskatchewan Transportation Company (STC) in Saskatoon.

The timing is especially interesting as the City recently commissioned a report regarding the feasibility of a downtown arena.

Could this be part of a bigger plan?

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What’s missing from provincial government asset sale discussion

The discussion regarding crown participation in the private sector surfaced again recently.

A news story was published stating the Saskatchewan government was considering the sale of Innovation Place’s Saskatoon campus to the U of S and its Regina business park to the U of R.

Minister of Central Services Ken Cheveldayoff recently stated that he’s evaluating around 660 buildings across the province to see if they are still in proper use and if there is the possibility for them to be sold.

What are the questions that are not being asked?

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What’s wrong with SaskTel Centre?

Well, it depends on who you ask.

I didn’t live in Saskatoon when the facility was built in 1988 but from what I’ve read the location was as controversial a point then as it is now.

Saskatoon’s City Council recently commissioned a report to investigate the feasibility of a downtown arena development, researched by the group that helped Edmonton develop their Ice District.

To figure out why the discussion has come up, it may be prudent to take a look back.

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ABC's of Leasing

ABC’s of Leasing: This isn’t going to work

The lease is signed, you’ve moved in and you’re open for business.

Negotiations were tough but you were able to come to agreement with the landlord regarding the rate and term.

But the universe has thrown you a curveball. For whatever reason, you will not be able to complete the obligations of your lease agreement.

What do you do?

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Real Estate industry

Where are all the female commercial real estate agents?

I ask this question because I believe women bring great value to our profession.

It’s difficult to locate the current ratio of female/male licensed real estate agents in Canada.

A quick look at Saskatoon, SK as an example; of the 60 individuals who work full time in commercial real estate sales as licensed agents, 13 per cent are female.

Compare that to the 2017 NAR (U.S. based National Association of Realtors) Member Profile (which is made up primarily of residential agents) that states sixty-three per cent of members are female, that’s two thirds of all agents.

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Market

Stonebridge full to the brim

The City of Saskatoon used to plan their neighbourhoods with life expectancies of 10 to 15 years .

In the past few years, however, the “Saskaboom” economy attracted people so quickly to the city that neighbourhoods on both sides of the river filled up considerably faster than previous estimations.

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Market

Suburban Growth vs Urban Densification

Let’s put the cards on the table! We tend to support societal arguments that align with our own special interests.

We want what we want, but are not prepared to see the other side of our position. We align ourselves with special interest groups that agree with our view of the world.

According to 2016 census data, 53.6 per cent of Canadians live in single family homes. Saskatchewan, at 72.7 per cent is second only to Newfoundland and Labrador at 73.3 per cent.

The census reported that only 2.4 per cent of Saskatchewan’s population live in an apartment with 5 or more storeys compared with the Canadian average of 9.9 per cent.

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Market

2017 closes with big decline in industrial vacancy

We have to go back to 2014 to find a drop in Saskatoon’s industrial real estate vacancy.

After a two year period where we witnessed a steady increase of three percent, I am pleased to report that the research for 2017 illustrates a steady city wide average decline to 7.7 per cent.

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An open letter to Utility and Service Providers

Dear SaskPower/SaskEnergy/SaskTel,

I am a commercial real estate agent in Saskatoon. I’ve dealt with your companies on behalf of landlords and owners over the years.

Commercial hookups are different than residential services in that commercial clients will often require a number of people to be authorized to deal with the account.

This isn’t a new issue, I’m sure you’ve been dealing with it for years.

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Real Estate industry

The driving force of a corporation

As we begin 2018, it’s an opportune time to ponder our priorities for the coming year.

We know that a leader’s most important job is designing and implementing strategies so the organization flourishes in the long term.

There’s a quote from an unknown author I like to share, “Change has never happened this fast before, and it will never be this slow again”

So with change happening that rapidly, how does a leader prioritize those strategies?

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You’ve got to have some heart in it

The recent closure of the Moose Jaw daily Times-Herald marks the further demise of local print media in Saskatchewan.

The trend is not unique to our province; small newspapers have been on the decline for many years.

It’s just hitting closer to home lately.

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ABC's of Leasing

Don’t get caught in a pinch

In an ideal universe tenants could plan ahead and leave themselves enough time to complete a comprehensive commercial real estate search.

They wouldn’t feel pressured to take space that isn’t quite right or doesn’t entirely suit their needs.

But it happens far too often in my world. Why?

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Market

Saskatoon still shining

I used to smirk a little every time former mayor Don Atchison found a way to work in the “Saskatoon Shines” message into public speeches.

But I’m drinking the koolaid and on board these days with repeating something he was fond of reminding people: Saskatoon is where it’s at.

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Real Estate industry

Inside Anatomy of a Commercial Real Estate Brokerage

On Friday our Saskatoon ICR crew travelled to Regina to experience the shiny new Mosaic Stadium and support our Rider’s 37 -12 defeat of the Alouettes.

Although not the point of this story, I have to say it’s an impressive facility, one that this province can be proud of.

On our way to the game we stopped in to hook up with our Regina group and tour their new offices.

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Market

Sears is out but the possibilities are endless

Sears has finally pulled the plug. They were granted permission Oct. 13 by the courts to start liquidation of their remaining stores.

This includes a job loss for over 12,000 people who have helped served generations of Canadian shoppers.

So I posed the following question to my friends and social media followers this week: If Sears is out of Saskatoon’s Midtown Plaza, what should be in?

After a flurry of brainstorming I got some pretty good suggestions. So hopefully Kingsett Capital, the Midtown Plaza landlord, is listening!

Continue Reading →

Market

There’s a pattern here, cyclical vacancy in Saskatoon industrial

Our latest 3Q17 market report shows a very slight increase of 10 basis points to 8.1 per cent in Saskatoon’s overall industrial vacancy rate.

This very marginal change does not alter our belief that this market has stabilized. Both Marquis and North Industrial areas which are by far the largest warehouse districts in the city did decline in vacancy to 9 per cent and 5.6 per cent respectively.

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Market

Facts about Saskatoon’s Retail Sector

I enjoy capturing a positive Saskatoon commercial real estate story when they surface. Our recently released 3Q17 retail survey provides me that opportunity. After two quarters of negative absorption, retail vacancy has decreased by 20 basis points to 4.1 per cent.

Due to continued population growth and expansion of new neighborhoods, we see a healthy amount of new retail development for the Saskatoon metropolitan area in coming years.

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Company

Key benefits of engaging full service Commercial Real Estate firm

A client will only benefit from a company that offers a full suite of services when each department provides an exceptional level of service.

I value a place of business that can offer me that exceptional one-stop shopping experience. I believe we at ICR have that to offer.

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Automating retail convenience

I’m about to really date myself here but as a kid do you remember going to the grocery store and watching the cashier type each item into a till?

Bar code scanning changed everything, none more significantly than grocery stores.

If the inset picture is a confusing one to you, let’s take a trip down memory lane and a quick look into what the future holds for the grocery retail experience.

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Market

No cure for the summertime office blues

People often ask me if we have lulls or slower periods in commercial real estate sales and leasing.

My typical response is that we tend to be busy year round. But summer can sometimes slow down with clients taking holidays from the office.

So is this a reflection of the ICR signs you see around town? Probably not when it comes to our office market.

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Sales and Leases

Why so shy? The undisclosed buyer

Most commercial real estate transactions are negotiated between parties with full disclosure as to who each party is.

So why would do offers from buyers sometimes come in undisclosed?

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Market

Are craft breweries the next big thing?

What do craft breweries and frozen yogurt have in common? They can’t be mixed together that’s for sure!

No, in fact, both retailers share a strong entry into our market and have made an impact in our commercial real estate landscape.

The question is: will craft breweries melt out as fast as the frozen yogurt competition did?

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Real Estate industry

Will the Commercial Real Estate Broker become extinct?

With the pace of technological change now accelerating, it is not reasonably possible for businesses to plan farther than five years into the future.

We like to think we know, however, the change that is coming upon us is so rapid that no one has a clear picture of where we’ll be in ten years.

I see three evolving trends which will translate into opportunities for the savvy commercial real estate broker.

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Long live the record store

The Buggles famously sang “video killed the radio star” but streaming hasn’t quite put the final nail in the bricks and mortar music business just yet.

It looked like the end was near when HMV Canada announced they were closing all their stores but homegrown Sunrise Records has stepped up to fill the musical consumer gap.

Continue Reading →

Sales and Leases

Why no one’s talking about Regina’s failed office development bylaw

I had the pleasure of moderating the office panel at the Saskatchewan Real Estate forum in April.

One of the topics that seemed to “gather legs” during our discussion was Regina’s current office development policy as it relates to Saskatoon’s proposed office development bylaw.

I discussed some of the issues surrounding this topic in an earlier post a year ago: Regina’s policy, implemented in July 2012 does not permit major office developments more than 43,000 square feet of floor space outside of the core area (except in limited and specific contexts; e.g. accessory to an institution).

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Market

YXE Marquis Industrial facts you didn’t know

Up to and including June 13^th, only five building permits have been issued since January 1^st, 2017 within the Marquis Industrial Area.

There were four permits issued during the month of April however that number has remained unchanged since the end of April.

Spring is typically the season we see the greatest number of new industrial construction starts.

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Sales and Leases

3 questions to ask yourself when leasing retail space

Leasing commercial retail space can vary by development but there are some fundamentals that most tenants in this sector should take into consideration while shopping around.

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My Personal Experience of “Unplugging”

It’s not hard to find opposing opinions on the philosophy of disengaging from technology, nor is it possible for me to say what’s right for you. My wife and I have experimented for a month now with “technology free Sundays.”

Our definition of “technology free Sunday” is that our cell phones and computers are shut down from the time we retire Saturday night until Monday morning. The experiment has been positive for both of us.

Continue Reading →

Sales and Leases

What’s in a name?

Chrysler Building. Empire State Building. Rockefeller Center. What do these iconic New York City buildings have in common?

They are recognizable by name alone. They are examples of commercial real estate known throughout the world whether you’ve physically seen them or not.

How significant is a name when it comes to commercial buildings?

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Sales and Leases

3 questions to ask yourself when leasing industrial space

Even the most seasoned tenant can miss some pretty vital points when investigating new space. It’s certainly more challenging for new businesses that have never occupied commercial real estate before.

Here’s a few tips to look out for that can save you money and hassle down the road when searching industrial spaces.

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Market

What you need to know before investing in commercial real estate

I had a client ask yesterday what I believe to be the long term risk associated with investing in retail commercial real estate. Let’s ponder that question as it relates to the four major asset classes.

In an earlier post, “Time to Sell Functionally Obsolescent CRE?” the discussion focussed on what could be considered owner occupant type assets. For the purpose of this overview, we’ll assume that the real estate is current and relevant.

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Did you notice Sears no longer has a catalogue?

My grandmother and I recently discussed the future of Sears Canada. Outside of heavy news coverage of the US Sears hardships, she identified something that dropped from all our radars: the absence of a Spring/Summer 2017 catalogue.

Amid no apparent fanfare, Sears Canada appears to have quietly shut down their catalogue service.

So what’s going on?

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Market

Saskatchewan #CRE retail trends you need to know

Retail continues to play a stabilizing role in Regina and Saskatoon commercial real estate. The office vacancy has hovered in the double digits for the last 3 – 4 years while the industrial sector witnessed a 3% increase in vacancy in 2015 in both cities.

Here’s a synopsis of the presentation by one of ICR’s partners, Linely Schaefer made as Moderator on the retail panel last week at the Saskatchewan Real Estate Forum.

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Empowering entrepreneurs

Seeing a business plan grow from a dream to a reality is not for the weak of heart. Financing and strategy necessitate accessing the best advice to develop a sound concept.

Part of our role as agents is to educate clients on the best commercial real estate options available in the market. More than once, I’ve had tenants and buyers reconsider their wish list after seeing the concrete results of a search.

I’ve been privileged to meet several local change makers in our community helping to empower entrepreneurs.

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Market

Saskatoon office trends you need to know

In spite of a forecast for a slight increase in the unemployment rate and decrease in housing starts in Saskatchewan, RBC Provincial 2017 Outlooks is predicting a growth in GDP of 1.8 per cent.

That’s after two consecutive years of negative growth, due mostly to weakness in our energy and non-energy mining sectors. To say that the Saskatoon office market has been simply affected by these provincial economic factors is an understatement.

In fact, as you can see by this historical vacancy graph, you have to go back to 2005 to find vacancy as high as we experienced last year. Is there a light?

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Market

Stability emerging in Saskatoon industrial sector

It’s been a long hard road for the Saskatoon Industrial real estate market over the last few years. We’ve seen average vacancy skyrocket from under 4 per cent to over 10 per cent and significant softening of net rental rates.

The recent announcement of the ICR brokered Mitsubishi Hitachi Plant acquisition by Brandt Group injects some much need optimism into this sector.

With 208,000 square feet (SF) on over 22 acres, the wind turbine factory has the potential to employ 500 people.

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Sales and Leases

A solid case for going Green

Some holes are surfacing in the climate change stance as stated in this recent article. You may or may not believe the world is entering an irreversible period of global warming.

There is no question that air pollution within our world’s mega cities and the waste being deposited into our oceans are a result of increasing population density and our enormous human footprint. Can a business case be built for constructing and refurbishing buildings with environmentally friendly specifications that goes beyond supporting the global warming cause?

Let’s explore that question.

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Market

Slower but sustained growth in Saskatoon

With a certain weaker economy currently in play, the City of Saskatoon has released their newest projections for growth in Saskatchewan’s largest urban municipality.

While the gain may come more gradually than it has in the past few years of Saskaboom, the City has high hopes we will continue to attract residents.

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Market

Ode to the Mall

My little sister Jenni and I in West Ed Mall, circa 1984. West Ed opened in 1981 and was the world’s largest mall (5.3 million SF) until 2004.

I have been a fan of the shopping mall experience for as long as I can remember. Maybe it’s my upbringing as a country girl, but I’ve always found interior malls to be an exciting place to visit.

Despite what appears to be dire times for the mall, market research indicates that some traditional shopping centres are doing very well. And in fact, aren’t down for the count at all.

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Market

Turn a negative into a positive

Mainstream media is quick to report the bad news in our world. We can’t ignore the negative but the creativity to turn these opportunities into a positive is available to us.

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Sales and Leases

A diligent dilemma

Regardless of whether you have entered into a commercial real estate lease or sale, there is a level of due diligence required by each party to complete the transaction.

Every deal is unique but I’ll provide a few examples that most commonly occur in the Saskatoon commercial real estate market.

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Real Estate industry

What no one tells you about a career in CRE

Our work life occupies a significant portion of our waking hours. It’s important to choose a career that will offer both challenge and fulfillment.

I encourage those I meet to talk to as many people currently in our business as possible, including competing brokers and owners. Gaining a diversified perspective will provide greater clarity for those seeking guidance for their future.

Here’s the link to an earlier post which might be of interest to women considering our industry.

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Market

Steady as she goes, in Saskatoon CRE

ICR has collected the fourth quarter results for 2016 and though commercial vacancy remains higher than average in some sectors, overall the numbers have not changed drastically over the past year.

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Sales and Leases

Four key benefits of contracting a Commercial Broker to find your space

Most businesspeople make it common practice to hire a broker to list their space for sale and/or lease.

There are also many compelling reasons to seek formal representation when looking for a new home for your business although this may not be the best solution in all circumstances. Don’t sign a contract unless you believe you will benefit from representation and save money.

Let’s explore the advantages of contracting one commercial real estate company to partner with to meet your goals and ensure the most favorable outcome.

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What went wrong at the Oakland “Ghost Ship” warehouse?

What makes the Oakland “Ghost Ship” fire most tragic was the preventable nature of everything that occurred.

In the days that followed the fire, news trickled out regarding the tenancy and landlord situation in place. Could the loss of life have been avoided? Indeed it could have.

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Real Estate industry

Federal government introduces responsible new mortgage rule

On October 17^th, the Liberal’s new mortgage rule requires that anyone applying for an insured mortgage must qualify at the Bank of Canada’s five-year fixed rate of 4.64 per cent.

I rarely write on matters that relate to residential real estate. I have however read some articles recently that don’t reflect the best interests of those yet to enter the housing market.

Having been concerned for some time about the number of young people drawing on the maximum mortgage amount they qualify for, at historically low rates, I feel compelled to offer my view.

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Sales and Leases

Former police headquarters gets new lease on life

Saskatoon City Council has approved the sale of the former municipal police building on 4^th Ave S and now the work will begin for us.

Originally built with a uniquely specific purpose, this property is going to get a new lease on life.

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Sales and Leases

How to leverage your commercial real estate investment options

I was chatting with a client over dinner at a charity event last night. One of the topics he spoke passionately about was the benefits of forming partnerships to invest in real estate.

He has observed other cultures which have successfully embraced the partnership model more frequently than he sees in Canada.

Are Canadians simply more independent thinkers? Or does it speak to a lack of confidence in this form of ownership?

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Company

Trust: a true measure of integrity

We have just completed a series of meetings which focussed on the review of our corporate vision and mission statements. One of the elements discussed which is absolutely central to our company vision is trust.

It is irrelevant how good we say, or believe we are, without a high level of trust embedded within our culture as well as the trust of our clients we simply cannot achieve our corporate mission(s).

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Market

Changing of the guard

Saskatoon residents spoke with their votes: they want change at City Hall. The city is abuzz with news we will now hand the mayoral seat to a new individual.

But what does this mean for our business community?

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Sales and Leases

Hack: Exposing the games CRE buyers play

Let’s assume you or the listing broker representing you has properly qualified the purchaser who has your commercial real estate under contract.

Let’s also assume you provided that purchaser a very comfortable six week conditional period to complete their due diligence and arrange financing so they don’t have to come back to you with a request for an extension.

I just experienced this exact situation as a listing broker working with a buyer’s agent from another brokerage.

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Sales and Leases

A frank discussion about the open office concept

There has been much written about the benefits of the “new” open office concept. On the other hand it’s not difficult to find articles which state the open office concept has been proven to not be effective.

The truth is it depends upon the dynamics of a company and personal preferences of the individual. It is important to tell you that I have my own bias on this issue. I will nonetheless do my best to present the pros and cons objectively.

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Market

Fall brings cool weather, but Saskatoon still warm for retail

The International Council of Shopping Centers (ICSC) held their annual Canadian Convention in Toronto from September 19-21. The event allows brokers, owners, developers, and retailers to meet up and form relationships at one central location.

With over 150 booths of various disciplines, attendees were able to mingle and cook deals in person. ICR sent a large contingency of brokers as usual and they came back with encouraging news.

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Company

ICR expands international services with JLL strategic partnership

My business philosophy since entering the real estate industry has been to know my competitors well and be sure I am working within the best organization.

It must be an organization that will allow me to provide a high level of service to my clients and provide a culture for me to thrive as a Broker. In keeping with that philosophy, we have recently announced a strategic partnership with one of the world’s largest commercial real estate brokers.

Who is JLL and why the change?

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ABC's of Leasing

ABC’s of Leasing: Pitfalls for first-timers

Leases are created by landlords to protect their investments. They identify the rights and responsibilities for both parties during the term of the relationship.

Because in most cases the lease comes from the Landlord, he or she is going to be more aware of the clauses and ultimate implications. No one is trying to pull the wool over a tenant’s eyes, but there are items that are important to understand prior to entering into an agreement.

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Market

Deeper issues surround YXE property tax increase

With a civic election around the corner there is much discussion surrounding our current administration’s property tax track record.

We have seen annual property tax increases average 5.43 per cent over the current council’s four-year term. During this same period the consumer price index indicates inflation has risen by an annual average of 1.9 per cent.

Anyone seeking civic office who is riding on the representation that they’ll keep increases under the rate of inflation without revealing a road map simply lacks credibility.

There is lots to talk about surrounding this issue.

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Market

What is old can be new again

How brave are you? Are you willing to take risks?

Buying an old building to restore or spiff up can be a bold move but the reward can be so satisfying.

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ABC's of Leasing

Three points to consider before choosing your next office

Research this topic and you’ll find many opinions and trending theories and on the most efficient and pleasing office environments. Contrary to what some of these theories may try and tell us, I don’t subscribe to the belief that one solution fits all.

There are some useful tips available that is worthwhile considering to help make informed business decisions.

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Company

Hello, I am… Accountable

Accountability is defined as the fact or condition of being accountable; therefore, responsible. I think it’s a word that is thrown around without much consideration for the consequence of the potential expectation created.

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Market

Interesting facts about Saskatoon and Regina downtown parking rates

We hear much discussion about the lack of downtown parking options. Fueling that discussion in both Saskatoon and Regina are the varied opinions on the pros and cons of bike lanes and their impact when parking stalls are eliminated to create those bike corridors.

Many times mid-week, on an evening in the dead of winter, I’ve found it necessary to drive around the block more than once to find a parking spot in downtown Saskatoon. It doesn’t seem to matter if it’s -30C, prairie people are hardy souls who keep on going no matter what the weather throws at them! Here’s a synopsis of the stats from our recently released Parking Survey.

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Real Estate industry

Salesman, saleswoman or salesperson?

A few weeks ago, I was searching for a photo to accompany an earlier blog post. It didn’t surprise me, but it was a little disheartening to find that images of female real estate agents were hard to come by.

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Company

How has the Employee Ownership Purchase Model worked for ICR?

In an earlier, January 2015 blog post I discussed the Employee Purchase of ICR. Nineteen months have passed since that announcement; let’s try and take an objective look at the pros and cons of this method of selling a business.

I believe in both our personal and work lives, where change is involved, it is beneficial to stop and take note of what worked, and what kind of challenges we encountered along the way.

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Sales and Leases

We’re on the hunt

We field a number of questions regarding the type of sale or lease product that moves the quickest in our market. It’s hard to generalize because every commercial real estate property is different however there are certainly those that stand out from the rest.

We are always searching for new product to bring to our clients, so pay attention to our wish list:

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Market

Saskatoon CRE market snapshot

With an abundance of industrial and office inventory, the story in Saskatoon’s commercial real estate market has not necessarily improved since the beginning of 2016 but it could be stated that things may be stabilizing.

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Sales and Leases

The elusive turnkey space

There are a multitude of office listings for lease in our market so why is it so hard to find a glove-fit for tenants?

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Real Estate industry

3 Future #CommercialRealEstateTrends to Watch

There have been many advancements over the past 20 years in commercial real estate technology that have changed the way I work. We are able to provide our clients with relevant data which allows them to make better informed business decisions whether they are buying, selling or leasing. We are going to see over the next 5 years, a giant leap forward in the way we do business with the potential for all parties to benefit if we stay open and adapt to these new opportunities.

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Market

The sky is not falling

I had a conversation with a small contractor this week whose view of the commercial real estate market was a little off to me. He indicated that landlords should be bowing to tenants and taking whatever offers they can, given our current vacancy.

I won’t disagree that we have a fair amount of inventory within our Saskatoon industrial and office markets. While deals and incentives are being offered I don’t think it’s a dire situation.

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Market

What you need to know about the City of Saskatoon’s proposed Office Bylaw

Saskatoon is the envy of many other cities. As a result of our city administration’s proper long term planning and successful execution of those plans, we have a vibrant and healthy core area.

There are many times I’ve had to circle the block during the week, in the middle of the evening, in the dead of winter looking for a parking spot. It’s somewhat understandable that there is a desire to entrench that success. In an earlier post, Saskatoon approves Growth Plan to Half a Million, we explored the city’s goal for the next 30 years.

Here we’ll explore the administration’s proposed office bylaw that would restrict suburban office development to under 21,000 square feet.

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Sales and Leases

5 ways to get your commercial property leased

Location and demand stand out as the major leasing drivers of commercial real estate however they are not the only factors.

Here’s a few tips I share with landlords to help their properties shine above the competition.

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Sales and Leases

My Conflict of Interest – An inside story

There is an old saying: “You can’t really understand another person’s experience until you’ve walked in their shoes.” This certainly hit home for me when I unexpectedly found myself in a situation, taking an action as a real estate Broker that clearly placed me in a conflict of interest.

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Market

Millennials influence commercial real estate developments

There is no definitive start to when a generation begins, but millennials are loosely described as the next demographic following Generation X. They are defined as people born from the early 1980s up to around the year 2000.

Their needs and wants should be important to employers, because as a generality this group of workers will not necessarily just follow the money; they want a workplace that offers a lot more.

Not only the office set up but location and amenities will play huge roles in companies’ ability to attract millennial employees. We see examples of this already impacting our commercial real estate market.

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Market

Quality YXE commercial real estate investment assets scarce

Many people I speak with are surprised to learn that we have such a high demand for investment product in this province. I am quite often asked the question (possibly due to the high vacancy rate in the industrial and office sectors) whether we believe prices have “bottomed out.”

I will first need to qualify my definition of “quality,” however in the last number of years there has been absolutely no downward movement in the price of these assets. As a matter of fact there has been some minor cap rate compression in the past year.

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Market

Saskatoon approves Growth Plan to Half a Million

After much consultation with the public and their own administration, the City of Saskatoon approved their official Growth Plan to Half a Million last week during a regularly scheduled Council meeting.

In a municipality that has traditionally accommodated modest growth, the City is identifying how they are going to service nearly double our population in the next 30 to 40 years. Change is imminent, they explain in this new report.

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Market

The Saskatoon Commercial Real Estate Shining Star

A common question asked in conversation is: “how’s the market?” It’s difficult to provide a one sentence response to that question!

We’ve already reported the rather dull current status of the Saskatoon office and industrial leasing markets. We do have a strong demand for good quality Saskatchewan commercial real estate investment property however our supply is limited.

Where the story gets better, where we have a good balance between supply and demand and where we are still seeing new construction on spec is… retail!

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Market

Office options abound

The Saskatoon office market is sitting with an abundance of inventory on the market at the end of the first quarter for 2016. While this isn’t good news for landlords, it creates a real opportunity for tenants to negotiate attractive terms on new leases.

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Sales and Leases

3 Essential investigations before buying CRE

There are three important due diligence items that should be on your to-do list when purchasing commercial real estate in any asset class. I have just resolved that when applicable, my Business Manager and I will do everything reasonably possible to ensure Buyers that we represent will be provided these documents prior to removal of their purchase agreement conditions. Let me explain why!

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Market

Industrial land remains a hot commodity in Saskatoon

While building inventory in the industrial sector may be high, demand for industrial zoned lots continues. According to the ICR first quarter report for 2016, the industrial market is stabilizing but vacant inventory has risen slightly since the final months of 2015.

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Market

City of Saskatoon needs to incentivize developers

Administration at the City of Saskatoon are rolling out the final stages of their highly publicized growth plan during a public summit this upcoming Monday. But is it ready to execute?

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ABC's of Leasing

Exercising your option

Many commercial real estate leases will include an option to renew clause. Like all clauses in a lease, this one is bound by some pretty specific rules that have important consequences to both the landlord and tenant.

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Real Estate industry

As Real Estate Brokers we are masters of our own destiny

As self-governing, quasi-judicial bodies, we in organized real estate were charged with the responsibility to determine how the public will be served by our industry. This was not a responsibility that came easy.

It was only after local and provincial real estate boards and councils could convince authorities regulating us that we were in a better position than anyone else to educate and police ourselves. The Globe and Mail’s recent revelations regarding flipping or contract assigning against the B.C. real estate industry and the Real Estate Council of B.C.’s subsequent response to those allegations demonstrate that we have not taken that responsibility seriously.

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Market

What are the odds?

I’m not much of a gambler, but I’m game to make a few wagers on the immediate future of commercial real estate in Saskatoon. I still thinking putting money in our market is a safe bet but there are some important items to consider.

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Market

Is there an economic disconnect between Commercial & Residential Real Estate?

There is no simple yes or no to that question. It can be common to see strength in one sector and not the other. Let’s explore some of the factors that come to play between these two distinct markets.

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Sales and Leases

My commercial property is worth what?!

Like so many material things in the world, the value of commercial real estate can often be in the eye of the beholder. There are two sides to this story; the hard truth is, the value to an owner user can outweigh what the market may be prepared to pay.

There are a number of items we look at when valuing a piece of commercial real estate. Here are just a few to consider.

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Market

Strong Demand for Commercial Investment Real Estate

In a couple of my earlier blog posts: “Five key benefits of commercial real estate investing” and “Mainstream media’s obsession with the equities market” I discussed why commercial real estate is a viable investment vehicle. It is surprising to some that in spite of the current tepid economy, our demand exceeds available product and is causing compression of some cap rates. There are a few reasons for this…let me explain.

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Market

Does my site work?

When developers and investors are considering commercial real estate purchases, their broker is often called upon to render an opinion on site feasibility. As Barry and I would both tell you, we are not engineers or architects but we do have a pretty good idea of what is most commonly requested in our market.

Sharing some of our market insight can be important to the development of a site when it comes to tenants’ current expectations and achieving an expedient lease process on the property.
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Market

Saskatchewan Secondary Market Outlook

Swift Current

Swift Current

Traditionally the general economic activity affecting Saskatchewan’s commercial real estate industry is impacted by three main outputs: agriculture, energy and potash. The Conference Board of Canada’s forecast of 2% GDP growth in 2016 is based on a resumption of typical agricultural production and somewhat lessening declines in the energy sector.

I’m not sure that I agree with the assumption that we will see recovery in the energy sector next year. Certainly however a lower loonie contributes to a stronger export market with the U.S., by far our largest customer. We believe 2016 will see some growth; two percent may be a bit optimistic.

The Royal Bank of Canada forecasts 3.2% retail growth for this province. An achievable number if we continue to grow our population.

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Market

How can downtown Saskatoon up their game?

The City of Saskatoon is currently enjoying a vibrant downtown. Evening action rivals the daytime foot traffic moving in and around businesses. Much to the chagrin of drivers, finding a parking spot can be just as difficult at 7pm as it is at noon.

But what do developers and policy makers need to do to take us to the next level? How do we encourage people to start moving downtown?

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Market

Impact of 570 new Saskatoon hotel rooms in 2015

That’s a 14% increase over the 2014 room count of 4,076. The new properties are Hampton Inn & Suites and Mainstay Suites in the Airport area, Best Western Plus on 8^th St, Home Inn & Suites on Preston and a Hampton Inn & Suites in Stonebridge.

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Sales and Leases

A couple of things the Ministry of Environment does not like to talk about

Last week @KellyMacsymic wrote an article: How do changes to Saskatchewan’s Enviro Act affect commercial sales? In that article Kelly provided a synopsis of recent amendments to the Environmental Management and Protection Act. What I am writing about here is not new and has not effectively changed with the new Act.

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Sales and Leases

How do changes to Saskatchewan’s Enviro Act affect commercial sales?

In commercial real estate we wear many hats. It’s a neat career in that we get to learn every day about industries we might not otherwise be exposed to.

A significant factor in a commercial real estate sale can be determining environmental impact on a site through a qualified engineering firm.

There have been recent changes to the Environmental Management and Protection Act, 2010 (EMPA) which I think are worth pointing out. By no means am I an environmental engineer! When in doubt, contact the experts for a full interpretation. These are just my observations.

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Sales and Leases

Confidential: For CRE Landlord’s Eyes Only

It is a simple fact the commercial real estate rental space will take longer on average to lease than a residential suite. After a commercial rental unit (cru) has been on the market for a period of time a discussion should take place between the Broker and Vendor exploring potential reasons.

There are many factors that can contribute to a lack of success in locating a suitable Tenant. Has the space been properly marketed, does it require updating, refreshing (You only get one chance to make a first impression) or demolition of obsolescent improvements, would rental incentives such as free rent or a Tenant improvement allowance be appropriate, etc. One of the questions that needs to be a part of that discussion: is a price adjustment required? There isn’t necessarily a simple answer to that question however we’ll explore how that discussion might look.

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Sales and Leases

Psychology of employees to affect worth of CRE properties

I came across an article entitled “Real estate value tied to human behavior” which takes an interesting view on the future values of commercial real estate properties, office in particular, when it comes to the psychology of the upcoming millennial workforce.

In commercial real estate the asset value is often attributed to lease rates. But it’s a unique concept to think employee wants and needs could be a contributing factor in achieving value to a space as well.

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My wife just turned over 4,000 kms

How could that title have anything to do with the topic of commercial real estate? The answer is it quite honestly has nothing to do with commercial real estate!

It does speak to the rewards that can materialize as a result of perseverance and hope. I felt compelled to break from the norm and share this story which has been inspired by watching my wife over the past few years.

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Market

Saskatoon’s office, industrial remains competitive

Third quarter market highlights for Saskatoon

ICR Commercial Real Estate has released their third quarter musings regarding the office, industrial and retail markets in Saskatoon. Oversupply and slow absorption lowered expectations over the previous quarter, but where does that leave us?

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The Evolution of Retail

With technological advancements facilitating consumer’s ability to shop, the emergence of e-commerce continues to gain momentum. Many experts once believed that the future of retail would lie primarily within the e-commerce marketplace as online retailers were expected to overtake traditional brick-and-mortar chains. As a younger generation of shoppers becomes the main consumer within our marketplace, will e-commerce continue to dominate?

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Sales and Leases

The CRE Termination Clause

And why it may not work

There are many terms and clauses in commercial real estate leases. Sifting through all the legalese can be quite daunting. Various responsibilities and rights exist for the benefit of both tenant and landlord.

One term that rarely makes it into the lease, but may be asked at the offer stage, is the termination clause. Landlords typically shy away from it. Let me tell you why.

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Sales and Leases

4 Reasons no listing should mean no expectations

A client recently voiced disappointment that I had not introduced a particular party to his property. This party was made aware of the property by the previous occupant and approached the owner directly. We had represented to this owner that if I or one of my colleagues were working with someone whose needs aligned with the space we would present the property. I obviously had not properly communicated however what we would not do without an executed listing agreement in place.

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Market

YXE core neighbourhood loses grocery store

Saskatoon core neighbourhood residents are up in arms regarding the recent announcement of a City Park grocery store closure. The media picked up the story quickly soliciting the shocked reactions of people living nearby the Loblaw-owned Shop Easy Foods on 7^th Ave.

The impact to people who utilized and depended on the retailer is significant.

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Sales and Leases

Four Powerful Negotiating Techniques

I just returned from our CORFAC International conference in Minneapolis, MN. One of the session topics was “The Art of Negotiating.” In an earlier blog post, The Psychology of the Negotiation, I focused on just four strategies. Since I find this part of my business so fascinating I wanted to share a few more techniques that can be very effective.

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Sales and Leases

University land play

The University of Saskatchewan is the largest urban land owner in Saskatoon outside of the City of Saskatoon with almost 1,000 acres of land ready for development. And they are ready to start maximizing their investment.

The U of S set forth a plan in 2009 to start considering the re-use of their expansive land inventory to capitalize on its potential going forward. This plan was recently addressed in the news as it starts to take shape. The U of S has purchased land in Clavet to begin moving some of the agriculture programs out of the City limits.

So what happens next?

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Company

ICR brokerage launches new in-house education program

The commercial real estate industry has traditionally trained new sales and leasing agents through mentorship programs. That has been the case at ICR Commercial Real Estate. On average it will take four years for a new agent to develop a comprehensive set of skills.

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Market

Land on Free Parking? Not in Saskatoon or Regina

Much like Monopoly, it is especially satisfying when you hit the holy grail: “free parking” in downtown Saskatoon and Regina. It is not easy to find in most large urban centres. Recent statistics released by ICR Commercial Real Estate prove the demand is not slowing down.

Though rates remained relatively stable in the Saskatoon downtown core, rising only 3 per cent over 2014, Regina was not so lucky. Parking rates in Regina’s downtown rose 7.4 per cent over last year.

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Company

How to create drone video that gets attention

When I started in the real estate industry, a single exterior photo was the standard for use on listing information packages. As a matter of fact, back then the use of black and white pictures was not uncommon. Within a few years many brokers started using wide angle lens to produce multiple interior and exterior photos.

As the internet evolved, we saw change in almost every area of our commercial real estate industry. The ability to seamlessly post a high quality video link to websites, email blasts and promote them through social media has resulted in much higher market penetration for our listings. Drone technology has now thrust us into the next generation of high definition video.

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Sales and Leases

Cost of doing business

Barry and I have both discussed the topic of tenant improvements within earlier blog posts. But what are the big ticket items that can make or break a deal? Let’s explore the things to look for when scouting out a place for your business.

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Company

Definition of a Salesperson

Over the years I have had many people make the statement “I could never be a salesperson.” When I question them it becomes clear to me they are coming from a place which provides for a very narrow definition of the word.

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Sales and Leases

I’m in the zone

One of the most interesting aspects to my job is learning new things every day. Daily situations come up which require quick thinking and the know-how to seek out the answers to a solution promptly.

For as much as I’ve learned about zoning across municipalities, there is always more to the picture than meets the eye. I’d like to share my latest discovery with you.

I will speak solely of the City of Saskatoon going forward though there are likely similarities to this process in other communities. The important thing to know is that zoning is specific to the municipality you’re researching and the town or city hall is your very best resource for allowable uses on commercial property.

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Market

Quick facts you need to know about the Saskatoon office market

There has been a continuation of the vacancy trend that began in the majority of office markets in Canada in 2014. That average national statistic which exceeded 10% at the time has continued to increase in 2015.

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Sales and Leases

The good, the bad, and the ugly in CRE

Over my seven years with ICR I’ve had a few deals that stick out in my mind. Much like a snowflake, every deal is unique but there are a few noteworthy examples of what I’d classify as the good, the bad and the downright ugly.

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Sales and Leases

Key benefits of elevated ceilings

For reasons that can be very different, there are some significant benefits to high ceilings in commercial real estate buildings. For the purpose of this article I am going to focus specifically on office and industrial commercial real estate.

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Market

YXE retail lease rates continue to trend upwards

As discussed in previous market posts, Saskatoon is not immune to national trends in office and industrial commercial real estate. Nor is it when it comes to our retail sector.

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Sales and Leases

You only get one chance to make a first impression

Most commercial real estate agents would agree that our tenants and buyers are less likely to show warm, fuzzy feelings about properties like a homebuyer might. Often functionality and cost win out as the primary decisions behind choosing a commercial space.

But presentation does matter to these clients and there is typically only one opportunity to wow them so why not make it count.

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Market

Only creative developers need apply

Saskatoon has a reputation, literally within North America, of raising up creative leaders with a strong work ethic. We have a healthy arts community. There have been a number of recent examples of innovative new and infill residential developments however the number of innovative commercial examples are few. Why do you think we are lacking in this area?

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Market

How much does $5K a month get you in Saskatoon’s CRE market?

We are often tasked with researching space for tenants using a monthly budget. But when we use a price per square foot as an industry to compare properties against each other there are a few steps required.

Thinking like a tenant, ICR’s Research Analyst Alvaro Campos put the question to our office this week: how much does $5,000 a month get you in Saskatoon’s office, retail and industrial?

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Market

Saskatoon Q2 Industrial Market Update

Vacancy continues to rise

Now sitting at 8.2 per cent, our industrial vacancy rate has increase by one percent since the beginning of 2015. It is important to note that 1.53 per cent of that number is made up between six properties which total just over 278,000 sq ft.

This is currently the highest industrial vacancy rate in Western Canada, just ahead of Calgary and Vancouver. Although we see a reasonable level of interest and listing activity, prospective tenants are slow to make decisions to contract.

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Market

Competition is good

In a recent StarPhoenix article, Tourism Saskatoon declared a warning call for the local hotel industry with the introduction of new rooms to the market. They are concerned about whether the market can support additional new rooms and sustain viability of existing operations.

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Company

What does a YXE “No Door” C.R.E. policy mean to you

In short, it means that you are being represented by a commercial real estate brokerage made up of a team that trusts each other. Some believe a team is a group of people who simply work together. Unless trust is present within that group, you do not have a team. Let me explain what is meant by “no door” policy.

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Market

YXE double digit vacancy rates: what’s going on?

There are a number of media sources reporting double digit vacancy rates in the Saskatoon office sector but it’s important to identify the qualifying factors that go into this data. Here is a brief analysis of how our Market Analyst Alvaro Campos is dissecting the information for ICR.

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Company

We at ICR do not practice what we preach

This is not a topic we tend to talk a lot about so I thought it was important to reveal to you here how we really think. We eat, breath and sleep commercial real estate. In order to be successful in this business I need to believe sincerely in the benefits and rewards of investing in commercial real estate. This is one area that we do not fully practice what we preach.

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Market

4 reasons an office condo might be right for you

Office condos aren’t for everyone but they may just suit your business better than you think. There are a number of benefits to purchasing a condo:

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Sales and Leases

Five key benefits of commercial real estate investing

In an earlier blog post: “Mainstream media’s obsession with the equities market” I made a general comparison between investing in stocks, mutual funds, ETF’s, GIC’s, bonds and commercial real estate. Let’s now take a look at specific advantages of placing some of your hard earned capital into income producing property. The examples I am using will be applicable only to investors who wish to place their money long term.

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ABC's of Leasing

5 ways to best optimize office space

Starting the search for commercial real estate can be overwhelming given the amount of information there is to digest. Here are a few tips to get started in the right direction if you’re leasing office space specifically.

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Four things that your CRE broker may not come out and tell you

I like to think that I’m pretty transparent with clients. Developing a relationship of trust is paramount to establishing a long term business partnership. It is therefore funny that some things just seem to go unsaid.

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Market

Farnam Block is down, now what?

All the protesting and upset aside, the iconic Farnam Block on Saskatoon’s Broadway Avenue is no longer. Jordon Cooper from the Star Phoenix nailed it this week in his commentary regarding the reality of the building demolition.

What I’m most intrigued about is what the next use will be for the site now that the structure is gone. The owners of the property have repeatedly told media that they don’t have an immediate use for the property but that doesn’t mean we can’t speculate here.

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5 ways Twitter changed the way I seek information

Many are still unaware of the on demand stream of up to date information available through twitter. Skepticsm still exists towards the effectiveness of this form of new media. I understand why. It has taken me some time to appreciate just how it can be used as a tool to save time in this world of information overload.

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Market

Tech tools for all commercial real estate agents

Advances in technology have forced many industries to change their selling tactics and commercial real estate is no different. A throwback Thursday video tweet about the introduction of cell phones in Saskatoon made me pause and contemplate how far we’ve come. But where are we going?

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Market

2015 Saskatoon Commercial Real Estate Forecast

It’s not possible to accurately predict where the commercial real estate market is going this year. In order to understand the factors that generate changes in the market, these causes must be first be identified and evaluated.

A general market gap analysis, evaluating the difference between demand and supply of space involves four major market categories: investment, office, industrial and retail. Even though a region’s economic prosperity tends to move in one direction, it is not uncommon to see these different sectors trending in opposite directions.

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Market

How big is big enough?

As agents we often get asked why certain national and international retailers have not set up shop in Saskatchewan’s commercial real estate market. We don’t have all the answers but there are some legitimate challenges for mega retailers considering our market.

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Sales and Leases

Commercial Real Estate Slang

Like most industries, there is specific commercial real estate lingo that we use every day that may not be immediately evident to clients. Here’s a few I use nearly every day that I’ve had clients look for clarification on.

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Sales and Leases

How we discreetly market commercial real estate without advertising or signage

We are often engaged to lease or sell property by clients who wish to keep the information confidential from the general public. There can be many reasons why discretion is required. The client gets to choose what level of confidentiality is necessary.

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Market

Saskatoon CRE: calm waters create unpredictability in real estate market

I think it’s fair to say that uncertainty in oil and other resources revenue streams do play a role in the work of decision makers in commercial real estate; their motivation to buy, sell and lease in the Saskatoon market. Given recent events, I’d like to explore the current mood in all sectors of our commercial real estate market.

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Company

ICR grows again

This is a great day for ICR, its employees and agents. It’s also a great day for Saskatchewan and the owners and tenants in the real estate industry. We are pleased to announce a new partnership. ICR developed over its 22 year history a unique operating model for a Commercial Real estate company. The company operates in a world of multi-nationals and competes at the top level in the Real Estate Arena.

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Market

Goodbye to 2014

We said hello to many new restaurants and retailers in 2014 but we also had to say goodbye to a few in Saskatoon. A recent article about Toronto landmark real estate that has been closed or demolished, inspired me to think of the properties or businesses that gave way to growth and change taking place in our Saskatoon market in 2014.

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Market

Clients often ask: What is the busiest time of year?

It seems to me that question has become more complex as the years go by. One would logically assume that the periods during holiday seasons would be quiet times of year. (Personal note: the only fact I can state with absolute confidence on this topic is that the volume of incoming business will always increase each day I get closer to vacation… without fail!)

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Market

What major Saskatoon retail corridor is this?

Sometimes the most obvious answers are right in front of us. I often get retail tenants looking for high exposure retail zoning. In Saskatoon’s under retailed landscape this can be a tough find.

There is one area that springs to mind that many people have underrated over the years. See if you can guess where I’m talking about.

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Sales and Leases

Why it was necessary to throw away 18 years of real estate knowledge

You may have sometime in the past chosen a new path believing that your life experience would be a great asset in your new endeavor? Well that was certainly my thinking 18 years ago!

Previous to that, between the years 1978 and 2006 I sold new and then resale residential real estate. My last four years during that period I was a non-competing Branch Manager.

When the company I had been working for was sold I made a decision to make a move into the world of commercial real estate.

I knew the business would be different but was not prepared for just how different it was. I brokered a few transactions but mostly floundered for about six months, believing I would find my way by approaching the business using my old residential tools.

It was about the seventh month when I finally came out of denial, realized I had to throw everything I knew out the window, and start asking a lot more questions. So why are the two sectors of the business so different? Here are three of many reasons:

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ABC's of Leasing

What happens when a tenant goes into default?

Laws governing commercial real estate tenancies vary from province to province. In Saskatchewan, once a tenant has been determined to be in default (by definition of their lease agreement) there are several remedies available to the landlord.

Some of the information presented here is from an article prepared by the local firm of Robertson Stromberg. This should not be taken as legal advice, rather a discussion on some of the consequences that can be imposed on delinquent tenancies. Each tenancy must be dealt with on a case by case basis.

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Market

Time to Sell Functionally Obsolescent CRE?

In an earlier blog post: “Have Saskatchewan commercial real estate values peaked?” I discussed the future of commercial real estate values in this province. Here we look more specifically at what I will refer to as the functionally obsolescent asset class.

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Market

Saskatoon retail starting to catch up to demand

For the past eight years, Saskatoon’s retail vacancy rate has stayed under three per cent leaving tenancies with little choice or few options to locate here. Recent construction surges have started to create more opportunities in the commercial real estate market for retailers looking to get their foothold into Saskatoon.

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Company

You can call me a lot of things but a “Realtor” I am not

I may be stating the obvious to many of you however it is surprising how often the following words are misused. Here are three things I am not:

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ABC's of Leasing

Tenant beware: when a commercial real estate find is too good to be true

Sometimes a commercial real estate deal can seem too good to be true. Do crazy things happen in our market? You bet, every day In fact.

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Market

Saskatoon vacancy rates hold steady

Saskatoon vacancy rates have held steadily throughout 2014, with only slight increases due to new construction and tenancies vacating outdated properties. We break our commercial real estate vacancies into three main areas: Industrial, Retail and Office. Here’s a snapshot on each as of October 2014.

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Company

3 Mistakes I’ve Made in Commercial Real Estate

We have clients requesting commercial real estate advice on a daily basis. It is also necessary to make personal investment decisions to achieve our own long term financial goals. Here are three examples that come to mind where I was found to be “off the mark!”

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Market

12 secondary market hotspots in Saskatchewan

Saskatchewan’s largest urban centres are Regina and Saskatoon but did you know there are a dozen secondary markets attracting retailers and developers?

The Secondary Market Retail Outlook for 2014 was just recently released by ICR Commercial Real Estate. In house Research Analyst Alvaro Campos has been hard at work collecting information on these communities, which we’d like to summarize:

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Sales and Leases

Three important things to know if you wish to renew your lease

Let’s assume you are 75 per cent through your initial term of lease and the space you occupy is working well and business is good. What are some important considerations to keep in mind when approaching the lease renewal?

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Sales and Leases

Commercial real estate: What’s zoning got to do with it?

When researching a commercial real estate lease or purchase, determining the zoning permitted by the municipality should be an important factor in the decision making process. Implications for a tenant or buyer vary slightly but they can both have significant impact down the road.

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Sales and Leases

Complications of dual agency & multiple offers

We find dual agency still very common in Saskatchewan commercial real estate transactions. I am not going to address the pros and cons of dual agency in detail within this article. That is a topic unto itself.

Let me just say that due to the confidentiality requested by many of our sellers, I believe it will continue to be a practical business solution within our industry for many years to come. Complications arise when I, as a listing agent have an offer on my own listing and at the same time one of my colleagues and/or a cooperating broker has an offer.

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Sales and Leases

Three areas that the most expensive building deficiencies can surface

If you are considering investing in commercial real estate it’s important to thoroughly inspect the property for deferred maintenance and any building systems that are nearing end of their life.

No one building is alike but there are generally three areas you should focus on when purchasing commercial real estate. Unlike buying a house, you will likely have to consult experts in these individual areas in order to properly assess the potential investment.

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Sales and Leases

Why a seller should prepare & pay for buyer’s due diligence

I will preface my comments here by saying that it is important the Seller is serious about selling their property before considering this advice. In an earlier post the question was addressed: Should a Seller pay for a Phase I Environmental. It was recommended that the Vendor contract an Environmental Engineer and begin the process before the property is placed on the market. That’s a good lead in to this article.

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Market

No-nonsense parking facts

An increase in rates has not impacted the demand for downtown parking in Saskatoon. What does the future hold for our core area?

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Sales and Leases

Irrelevant what others think it’s worth

In my earlier article: “The Psychology of the Negotiation.” we looked at four different strategies to achieve a targeted price. But how do you discern what that targeted price is?

It’s not hard to obtain opinions from experts within the commercial real estate industry. But are those opinions relevant?

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Market

Do we or don’t we? Implications of preserving commercial buildings

There was a time when commercial real estate developers were happy to tear down the old and reconstruct new. But a change in thinking geared towards preserving the integrity of old buildings has property owners facing new challenges.

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Sales and Leases

Where to watch for hair growth on CRE investments

You lift it up, look closely and if it starts to grow too much hair, drop it and walk away! A buyer typically has only a portion of the relevant information before making an offer. Discoveries often surface during due diligence which can quickly take the fun out of the deal.

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Sales and Leases

How to tell if you have a binding lease

It may seem common sense that a lease is binding when both parties have executed the agreed upon document. But what if the tenant or landlord change their mind at the last minute and handwrite in a change?

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Market

Is there a shift taking place in the Saskatoon retail sector?

In days gone by, when a new national retail merchant came searching for a spot for their first Saskatoon store we found they usually wanted to locate within the 8^th Street, Broadway or Downtown retail corridors. Obviously there were many other available options however the majority of interest centered on those areas.

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Market

Have Saskatchewan commercial real estate values peaked?

Appetite for Saskatchewan property

It does not seem that long ago that my typical response to an inquiry from an investor was: “I have a list of potential purchasers as long as my arm with very little product to present.” Saskatchewan was becoming known for the bounty of its rich resource sector. Lease rates had increased thereby lifting property values to provide incentive for sellers. Many were reluctant to sell because of the potential for further appreciation however we did have buyers and some did decide to sell.

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Market

Another one bites the dust… or does it?

Restaurants open and close every day around the world, and it’s no different in our Saskatoon commercial real estate market. There is always speculation and rumour as to why a venue has been shuttered but it can often boil down to the hard truths associated with commercial real estate.

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Market

Parking/land ratios crucial to commercial developments

The parking allocation provided for in a development requires proper planning. A very useable site can be rendered dysfunctional if not properly considered. It is also important to understand what the applicable zoning bylaw states for the intended use.

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Market

A solution to balanced commercial urban growth could predict the future

When we refer to “balanced commercial urban growth”, the discussion differs depending upon the applicable Commercial real estate sector and city. For the purpose of this article I am going to focus on the Saskatoon industrial market. As a brokerage, we track existing and new developments in each commercial area and thereafter advise clients when and what to build.

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ABC's of Leasing

Deposits make or break deals

Your deposit forms an integral part to the successful completion of a commercial real estate transaction. I’ve compiled a list of common questions that I’ve come across from both buyers and tenants.

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Sales and Leases

4 reasons why now is the time to sell

There has never been a better time to dispose of your Saskatchewan commercial real estate asset that was designed in a past decade. There are many reasons why a building could be referred to in this manner. As an example, if I am talking about retail or office, functional obsolescence could refer to lack of parking; industrial might be due to low ceiling height.

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Sales and Leases

If you read one article about Commercial Real Estate myths read this one

There are a number of myths when it comes to commercial real estate sale or lease transactions. I’ve accumulated a list of 6 myths I know to be bunk and why.

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Sales and Leases

4 points for a partnership to consider when purchasing an office building

Once the own vs lease decision has been made, what are the questions a partnership would be wise to consider? Each corporate structure can be unique. This article at the very least will help get you started on the journey.

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Sales and Leases

The great debate: Should I purchase or lease commercial real estate?

There is no right or wrong answer when it comes to the purchase vs. lease debate for commercial real estate property seekers. The decision lies in your philosophy or mandate when it comes to capital expenditures, business equity, and often, the bottom line in your bank account.

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Sales and Leases

The Psychology of the Negotiation

From my perspective, often the most interesting part of an assignment is the negotiation. Believe me, we see all styles of approach in our Saskatchewan commercial real estate market.

For the purpose of this article we’ll focus on only four different strategies, although there are many more. I don’t agree with some of them, however we do need the tools to stick handle each one.

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Sales and Leases

A match made in real estate heaven

How a commercial real estate building may be used can vary significantly. I am referring to properties in our Saskatchewan market that may be used as office, retail or warehouse. There are unique examples where all three types can cohabit.

Our job as an agent is to paint the picture for our buyers and tenants. In cases where a property has been on the market for some time or developed an unfair reputation, that vision can be difficult to create. But I believe every building has a purpose and a user. We are assigned the task of matching the two parties. Our goal is to develop ways to promote the property in the best light possible.

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Sales and Leases

4 Reasons you need representation in your lease renewal negotiation

I have heard Landlords state: “I can renew this Tenant at the same rental rate that you’re able to negotiate.” Alternatively, Tenants often believe they can do a good job representing themselves in their renewal. Whether you are a Landlord or a Tenant, I can make a very solid case why you should contract an experienced commercial real estate broker to represent you. I am not promoting dual agency but rather single agency; a broker representing either tenant or landlord.

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Market

Social media: fear it or embrace it

In a world of technology where change can virtually occur overnight, it’s hard to determine what tools you need as a professional to keep up with market trends. It’s hard to comprehend doing business with a fax machine though I know a few guys out there desperately hanging onto it!

Social media platforms used on a personal level can be different from those used on a professional level. Without a proper presence, you can seem insignificant compared to those doing it very well.

As the Millennials and Gen X’ers become the decision makers in our world, social media presence will become even more important.

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Market

73% of SK Immigration from Asia/Pacific Region

One of the major factors driving our growth has been immigration. Saskatoon saw significant population growth in 2013 with only Calgary showing a higher rate nationally amongst large municipalities.

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Sales and Leases

Does your space measure up

It can be difficult for tenants to estimate what size of space of they need. You are going to pay per square foot for what you lease, so you want to make sure you’re utilizing every inch of every corner.

Often times I will get the call for a specific size range only to take a client on location and find out is much larger or smaller than they actually need. It’s not a great use of their time or mine so I like to use a couple tools to help estimate what that need might be ahead of time, we are much more likely to hit close to their target.

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Market

Mainstream media’s obsession with the equities market

Think of individuals you know who have what you would consider financial depth. I’m speaking of individuals who achieved that financial depth on their own, rather than through inheritance or a lottery win.

Of those individuals where you have a reasonable insight into their history, how many amassed that wealth through investing in stocks, mutual funds, ETF’s, GIC’s, bonds etc? How many people do you know through diligent saving and contributing to these various investment vehicles, either on their own or through an investment counsellor have been excited with the results?

The truth is I don’t know many who stand up and speak with enthusiasm about their investment results in this area.

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ABC's of Leasing

ABC’s of Leasing: Do I have to read all 40 pages of this lease?

You’ve found the space and have come to terms with the Landlord. You’re nearly at the finishing gate to getting your business venture off the ground, and BAM! The landlord has presented you with a 30-40 page lease that you must review to finalize the deal. Should you read it or just sign off and get the moving party started?

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Sales and Leases

Should you “low-ball” a Landlord?

We find Tenants have difficulty understanding why a sophisticated Landlord will not “drop their pants” negotiating lease rates with new and existing tenants, even when a property may appear to be in distress. Let me explain why this counter intuitive statement is, in most cases, true.

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ABC's of Leasing

ABC’s of Leasing – Let’s make an offer

You’ve found the space and you’re ready to negotiate. How do you proceed to secure the keys? The next crucial step for you as the tenants, is the offer.

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Sales and Leases

Is there really a benefit to paying a commercial mortgage broker?

We have clients ask this question quite frequently. In many cases there is a benefit if you are seeking financing in excess of $1 Million. However, it can very much depend upon the borrower and subject property. Let me explain why!

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ABC's of Leasing

ABC’s of Leasing – How does a Net Lease work?